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Wanted JP*4 - Buyer&#**9;s procedure required

  • USA USA  
  • Last Updated:
    Posted on: 27 Nov 2023

Buyer Information

RFQ Details

I have a Spot order for Five Million Barrels of JP54.

The buyer wants to sign a NCND/IMFPA agreement, and then receive a commercial invoice for a five million barrel JP54 Spot sale bank-to-bank. After four hours has elapsed, the buyer will make the payment and complete the deal within 24 hours.

Procedures:

1) Buyer and Seller sign NCND and MFPA.

2) Buyer issues ICPO to Seller with Warning Letter.

3) Seller issues FCO to Buyer, with signed Warning Letter.

4) Seller issues Draft Contract to Buyer.

5) Buyer and Seller sign the contract. Buyer tenders signed contract and RWA to Seller, and Buyer and Seller lodge the Contract and RWA with their respective bank.

6) Seller's Bank will initiate MT199 to Buyer's Bank.

7) Buyer's Bank will reply to MT199, verifying RWA to Seller's bank, and Buyer's ability to pay for first lift by way of MT103/23 and subsequent lifts by way of RDLC.

8) Seller's Bank issues POP to Buyer's Bank via SWIFT.

9) Buyer issues operative MT103/23 for liftable product.

10) Seller present verifiable storage tank receipts and all appropriate documents regarding what is immediately liftable. This is done bank-to-bank.

11) Upon receiving the ownership title and pertenent documents, Buyer's Bank pays for 100% of the value of the commodity liftable by swift wire transfer (MT103) directly to Seller's designated bank, and said product is lifted and delivered. Future deliveries will be paid by RDLC.


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